Gfk Nop shows bolstered consumer confidence

In spite of recent increases in UK unemployment, and although still fragile, consumer confidence returned to growth in the month of June.

The finding comes from GfK NOP’s Consumer Confidence Index which rose two points this month and is now up 14 points from its lowest point of last July.

Confidence in “general economy” over the next and during the last year have both experienced increases, signalling that consumers believe the economic situation is improving.

However, the number of consumers expressing confidence in making major purchases has fallen. The major purchases measure has dropped four points and now has a score of -26. Although now nine points higher than this time last year, the number of consumers willing to spend significant amounts of money on things like cars and household goods is still affected by the economic climate.

The number of consumers agreeing with the statement that “now is a good time to save” has risen slightly by one point to -15, but is still a massive thirty-seven points lower than June ‘08.

“After a pause last month, Consumer Confidence once more returned to growth and is now up 14 points from its all time low of last year,” commented Rachael Joy in the Consumer Confidence team at GfK NOP. “Confidence, however, remains fragile, as uncertainty about the strength of any recovery and an increase in unemployment all mean that consumers continue to be wary.”

The Consumer Confidence survey has been running since 1974 with quotas imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.

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